Method and means for handling quotations



June 1929- Y w. 'r. BIRDSALL 1,715,894

METHOD AND MEANS FOR HANDLING QUOTATIONS Filed March 15, 1926 '2Sheeis-Sheet 1 I I I ATTORNEY June 4, 1929.

W. T. BIRDSALL METHOD AND MEANS FOR HANDLING QUOTATIONS FiledMarch 15,1926 2 Sheets-Sheet 2 ATTORNEY Patented June 4, 1929.

UNITED STATES PATENT OFFICE.

WILFRED T. BIRDSALL, OF MONTCLAIR, NEW JERSEY, ASSIGNOR TO TRAN S-LUXDAY- IIIGHT PICTURE SCREEN CORPORATION, OF NEW YORK, N. Y., ACORPORATION OF DELAWARE.

METHOD AND MEANS FOR HANDLING QUOTATIONS.

Application filed March 15, 1926. Serial No. 94,701.

This invention relates to a method and' means for handling quotations,such as stock or bond quotations, and has for its principal objecttoprovide a method and means which may be employed in practicing theinvention set forth in the copending application of Henry Loveridge andmyself, Serial No. 93,072 filed March 8, 1926.

As pointed out in the aforesaid copending application, the capacity fora single receiving mechanism is limited. This mech anism is generallytermed a ticker, and this term will be used throughout the specificationand claims as defining a printing mechanism adapted to receive and printcharacters upon a tape. It is to be understood that I do not intend tolimit myinvention to stock and 'bond' tickers alone. In the aforesaidcopending application there was described and claimed a method forhandling quotations which comprised a plurality of tapes on whichquotations were simultaneously printed and projected on to a screen,thus making possible the employment of a plurality of tickers to handlethe work now performed b one.

Specifically, one of t e objects of my invention is to provide means forsynchronizing the transmitting of quotations when this is done by aplurality of transmitting tapes.

Another specific object of my invention is to provide means which willpermit the absolute synchronizing of the movement of a. plurality ofticker tapes so that, .when the quotations on the tapes aresimultaneously projected on a screen, there Wlll be no relativemovementbetween the tapes.

Other objects will be best understood from the following descriptionwhen taken in connection with the accompanying drawings in which:

' Figure 1 is a diagrammatic view illustrating my invention as practicedat the transmitting end of a wire.

Figure 2 is a diagrammatic plan view of an arrangement of tickers bywhich the ticker tapes may be fed in synchronism.

Figure 3 is an end view of the feeding roller shown in Figure 2.

Figure 4 is a bottom plan view of the structure shown in Figure 3 partlyin section.

Figure 5 is an enlarged view of part of the structure shown in Figure 3.V

Figure 6 is a wirin diagram showing an automatic control devlce governedby movement of one of the tickers shownvin Figure 2.

Referring first to Figure 1 it may be stated that it is common practiceto transmit telegraphic messages, such as stock quotations, by means ofa perforated tape. perforations govern the sending of certain electricalimpulses in a manner well-known in the art. In Figure 6 I have shown acontact plate 1 and a contact finger 2 which may be used as exemplifyingmeans controlling the sending of impulses and in turn controlled by theperforated tape, the circuit being closed when a perforation permits thecontact finger 2 to engage the plate 1 It is to be understood that thisis merely a diagrammatic exemplification of well-known systems.

In Figure 1 I have shown two transmission tapes 3 and 4, although ofcourse my invention is not limited to the two tapes. According to myinvention these tapes are perforated in the usual manner and then fedthrough a plurality of transmitters or one transmitter designed tohandle a plurality of tapes, if desired. The tapes are fed insynchronismby any suitable means indicated in Figure 1 by a common feed roller 5operated from a motor 6.

The perforations in a tape which represent a certain character arearranged in a certain sequence so as to control the performance in adefinite cycle of functions by sending impulses to a ticker. Forexample, one type of ,impulse may operate a letter The printing wheel,another type may operate Accordin to my invention the total cycle is mae to occupy'the same'length of tape and the same time, regardless of thecharacter which is to be transmitted. For example, in Figure 1, I have,shown the space A as being reserved for the perforations necessary totransmit a character and the space B being reserved for perforationswhich will cause the shifting of the ticker tape. The space A may bedivided into-subdivisions m, y and z, in each of which is received theperforations governing a certain type ofimpulse. For example, the space00 may contain perforations which will cause impulses resulting inmoving the type wheel of the ticker, the space 3/ may containperforations which will result in the sending of impulses for shiftingthe pressing mech-' anism on the ticker fromthe numeral wheel totheletter wheel, While the space 2 may .contain'perforations causing thepressing mechanism to operate upon the ticker tape and the type wheel.The above arrange ment is-merely exemplary and, of course, the number ofspaces will vary according to the. system of transmission which isemployed. In any case, however, the space A is made the same on alltapes so that a character will be transmitted in a certain fixed timeand by a certain fixed length of tape... Similarly, the space B is thesame on all tapes, likewise, the-spaces :0, grand z are the samerespectively on all tapes employing the same system of transmission, orin other words the same type of transmitters. The

space A is made sufliciently large-s0 that any character may betransmitted thereby. The spaces re erred to above may be maintained ofproper length by any suitable means. For example, theperforating of the'tape 1S done on a machine emplo ing'a key I "board resembling atypewriter my board,

and the machine may be equipped with an arrangement similar to atabulating arrangement on a typewriter. Other-.means will readil suggestthemselves to'those skilled in t e art.

When the plurality of tapes are fed through the transmitter, the spacesA and B on;the several tapes are placed exactly opposite to each otheras indicated-in Figure' 1, so that they will pass through thetransmitter at the same time. Therefore,

it will be obvious that, if there are employed a plurality of tickerscorresponding in numher to the number of transmitting tapes, thecharacters on all of the tapes in these tickers will beprintedat thesame time, the

. length of time correspondingto the space A, and then all tapes will beshifted together during a time corresponding to the space B. Therefore,it is obvious that the ticker tapes will move in unison on being fedfrom the tickers and, if desired, the plurality of separate ticker tapesmay be replaced with one wide tape upon which a plurality of print ingmechanisms may act. Also, the plurality of-trans mitting tapes may bereplaced with one wide taper However, my invention may bereadilypracticed with existing mechanisms and this feature results inperfect.

synchronism of transmitting.

Referring now to Figures 2 to 5 inclusive l[ have shown-therein a meansfor achieving absolute synchronism of movement of a plurality of tapescarrying quotations printed thereon by a corresponding number oftickers. The numeral 7 designates =a ticker of usual constructionwhichmay be readily secured in a certain position and which prints charactersupon a usual tape 8 supplied from a'reel 9. The details of thisconstruction .are well-known in the art and, as they form no part of myinvention, I have omitted a detailed showing thereof. The

tape,.after it leaves the ticker 7, may be fed across a projectionposition exemplified by a support 10 which may be made of trans I parentmaterial, the feeding being accomplished by a roller 11 controlled by amotor 12 the operation of-which is in turn 'controlled by an arm 13resting upon the tape between the ticker and the projection position.The arrangement.JuSt'deScribed is also .known and by itself forms nopart of my invention. The roller 11, however, isextended in length so asto impart motion to a plurality of tapes. In this instance I have showntwo tapes operated by the one roller, the tape v8 and a second tape 14upon which characters are printed by the usual mechanism incorporated ina ticker 15.

The ticker 15 is preferably mounted to travel along a track formed bythe rails 16' and'is normally urged toward the right as shown in Figure2 by the spring 17. The roller 11 is provided at one end with a bearing.18 upon which is rotatably mounted the drum 19. The drum has woundthereon a cord or other flexible element 20 which is attached to theticker 15 and holds the ticlrer in position against the action of thespring 17. Secured to the drum 19 is a ratchet 'wheel 21 which is alsorotatably mounted on the bearing 18. 'Cooperating with the ratchet wheel21 is an escapement pawl 22 which is pivotally mounted at 23 upon the'end of the roller 11. As best shown in Figure 5 the pawl-22 is providedwith an arm however, I use a similar arrangement to control the movementof the tape from the movable ticker 15. I place the magnet 28 of theticker at a fixed distance from the roller 11 and at the end ofthe leverI provide the pivoted pawl 32 provided with acam slot to receive thefixed pin 32, and contactin with the teeth of the ratchet wheel 27 andadapted to operate the same. lVhen the armature 29 is moved toward themagnet 28, the pawl 32 is forced by the pin 32 into position to engagethe teeth of the ratchet wheel, and continued movement of the lever willcause rotation of the ratchet wheel. This wheel carries the pin 26 andtherefore its movement will cause this pin to rock the escapement pawl22 and release the ratchet wheel 21, permitting the ratchet wheel anddrum 19 to rotate on the bearing 18 to the extent of one tooth of theratchet wheel.- The parts will then be in the position shown in Figures3 and 5.

It will be noted that the ratchet wheel 27 is urged in acounterclockwise direction by means of thespring 36 which is secured atone end to the pin 26 and at the other end to the roller 11. -Thiscounterclockwise movement is limited by the engagement of the pawl 32with the ratchet wheel 27. Therefore, as the armature returns to itsinitial position, the spring 36 will rock the pawl 22 to move the end 22thereof out of engagement with a tooth of the ratchet wheel 21, thuspermitting unwinding move. ment of the drum '19.

A second feed roller 33 is disposed beneath the roller 11 and the tapes14 and 8 pass between these two, rollers. The roller 33 is provided withthe ratchet wheel 34: cooperating with a pawl 35 to prevent accidentalmovement of the tape in the wrong direction. The tape is fed in thedirection of the arrows in Figures 2 and 3 and it is important thatmovement in the opposite direction should be prevented. This is done bymeans of the pawl and ratchet arrangement just described.

In operation and assuming that the ticker 7 is printing on the tape 8and that the ticker 15 is idle, the tape 14 will nevertheless be fedforwardly by the feed rollers 11 and 33. As the roller 11 rotates itcarries with it the pivot 23 and through the pawl 22,

- the ratchet wheel 21 and the drum 19. This action winds the cord 20upon the drum 19 and moves the ticker 15 toward the left in Figure 2against the action of the spring 17. The movement of the tapes 8 and 14is therefore the same, and an absolute synchronism of movement ismaintained.

If the ticker 15 is operating and the ticker 7 is not, then the magnet28 is energized from time to time to release the escapement in themanner described above and permit the spring 17 'to move the ticker 15away from the feeding rolls. By proper design the amount of rotationvofthe drum 19 may be had to permit a movement of the ticker 15 equal tothe length of tape fed thereby.

It is to be understood that, as the armature- 29 moves away from themagnet, the pin 32 will cause the pawl 32 to be moved out of positionwhere it can engage the teeth of the ratchet wheel 27.

In the normal operation of the two tickers it will be apparent that theaverage speeds of the two tapes will be substantially the same. Theticker 15 may run on its track between certain limits, but these limitswill not be very large ones and this is particularly true if the tickersare supplied with quotations according to the method described above andillustrated in Figure 1. That is, if the quotations are transmitted insynchronism, theoretically, there would be no need of a device similarto the one I have described to synchronize the ta e from the tickers.The two tickers coul be secured in position opposite each other and thetapes.

would be ejected therefrom together.

However, when the feed roller 11 is controlled by means of the tensionin one tape, lack of synchronism may occur' and therefore it may befound advisable to employ the synchronous receiving arrangement with thesynchronous transmittin method. This, however, is a matter of 1udgmentas either method 'may be employed independently of the other or inconjunction with each other, as may be found best.

The track formed by the rails 16- need not be of very great length inorder to take care of ordinary differences in speed of operation of theplurality of tickers. Such variations will compensate during the courseof a day as the average speed of operation of one ticker willapproximate that of another. However, in order to avoid the possibilityof the arrangement becoming inoperative be cause of the ticker 15running off one end of its track, the track may be made in the formshown in Figure 6. Referring to this figure it will be seenthat the tworails form part of a circuit from the transmitting mechanism exemplifiedby the elements'land 2. One end of a rail 16 may be formed of insulatingmaterial as indicated at 37 and 38. The track therefore forms. a switchin the circuit and, when theticker 15 moves to the end of the track onto the insulation 37 or 38, the switch will be opened and no furtheroperation of the ticker will take place. The attendant may then replacethe ticker on the central part of the track, making an adjustment in thelength of tape necessary for this purpose. Obviously, if desired, asuitable alarm may be made to give a signal when the circuit is openedso as to attract the ati tention of an attendant, though normally theoperation.

stopping of movement of the tape in itself would be a sufficientindicatiom It isto be understood that in ordinary practice a transmitterwill send quotations I to a great many tickers, and it is contemplatedthat an installation at the receiving end of the wire will comprise aplurality of tickers and that the installation at the transmitting endofv the wire will constitute a corresponding number of transmittingmechanisms. The transmitting mechanisms will then send quotations to anumber of sets of tickers, each set comprising the samenumber of tickersas the number of transmitting mechanisms. i I

If it is desired to do so, an emergency control may be installed at thetransmitting end of the wire and which shall be operated in case one ofthe tickers 15-approaches dangerously close to the end of its track.Such an arrangement is shown in Figurefi wherein the numeral 39indicates a source of power for transmitting purposes, and the numeral40 indicates a source of power to operate the motor 41 which feeds thetransmitting tape 41. The transmittingcircuit includes the twoconductors 42 and 43 which lead to the rails 16 of the ticker track. Inthis transmitting circuit is disposed a relay44 com prising an arm 45adapted to bridge the two contacts 46 and 47.

WVhen implses are traveling over the trans- 'mitting line at frequentintervals, the arm 45 is maintained in engagement with the contact 48as'shown and thus the circuit through the motor 41 is maintained closed;If the impulses are stopped, as will be the case if the ticker 15 nearsthe end of its track, then the relay will be opened by the action of thespring 49 and thus movement of-thc tape 41 will be stopped because ofthe opening of the circuitoperating the motor 41. At

the same time the two auxiliary contacts 46 and-47 will be bridged. Thisarrangement is provided, to -meet the emergency which would occur if,when theticker 15 is again placed in position to close the \transmittingcircuit, the tape 41' might be in position to op'enthe circuit betweenthe elements 1 and 2. Therefore, the relay would not be actuated toclose the circuit through the motor and no operation could take place.However, with the arm 45 bridging the contacts 46 and 47 an auxiliarycircuit is formed from the battery 39 through the relay coil 50,conductor '43, rails 16 and ticker 15, conductor 42, contacts 46 and 47,and conductor 51 back to the other side of the battery. This will causethe arm '45 to engage the contact 48 and thus cause suflicient movementof the motor 41 to place the apparatus in I am aware that variouschanges in. the

above disclosuremay be made without dearting from the scope of myinvention, and do not intend to limit myself except bythe appendedclaims.

I claim:

1. The method of handling quotations by means of a plurality oftransmitting tapes,

each tape adapted to control the performance of certain functions in acycle, which comprises moving said tapes so that the correspondingcycles on the different tapes will end at the same time.

2. The method of handling quotations by means of a plurality oftransmitting tapes,

each tape adapted to control the performance of certain functions in acycle, which comprises moving said tapes so that the correspondingcycles on the difierent tapes. will.

begin at the same time and end at the same time.

3. The method of handling quotations by means of a plurality oftransmitting tapes, each tapp adaptedto control the performance ofcertain functions in a cycle, which comprises moving said tapes so thatthe corresponding functions in a cycle controlled by each tape shalloccur at the same time. p "4. The method of handling quotations by means,of a plurality of transmitting tapes, each tape adapted to control theperformance of functions in a cycle, said functions including theprinting and feeding of a tick- ;er tape, which comprises moving saidtapes so thatth'e cycles on the different tapes will end at the sametime. I

5, The method of handling quotations by -means. of a plurality oftransmitting tapes,-

comprising the feeding of a ticker tape,

which comprises moving said tapes so that all ticker tapes controlled bysaid transmitting tapes shall be fed to ether.

7. The method of han ling quotations by meansfof a plurality oftransmitting tapes,

each tape adapted to control the performance of functions in a cyclesaid functions including printing and feeding of a ticker tape, whichcomprises moving said tapes so that the corresponding functions in thecycle on all tapes shallv occur at the same time.

8; The method of handling quotations by means of a transmitting tapeadapted to control the performance of certain funcsame time andend atthe same tions in a cycle, whichcomprises employing a I fixed length oftape for said cycle. 9. The method of handling quotations by means of atransmitting tape adapted to control the performance of'certainfunctions means of a plurality of transmitting tapes,

each tape adapted to control the performance of certain functions in acycle, which comprises employing a fixed length of each tape for eachcycle and for each function in the cycle, and placing said fixed lengthsopposite each other so that corresponding lengths on all the tapes willcontrol the performance of the same function at the same time and sothat the cycles controlled by all tapes will be completed at the sametime.

12. In combination, a plurality of tickers, each adapted to printquotations upon a tape, and means for feeding the tapes with thequotations printed thereon in synchronism.

13. In combination, a' plurality of tickers, each adapted to printquotations upon a tape, means for feeding the tapes with the quotationsrinted thereon in synchronism, and means or projecting the quotationsfrom the tapes on to a screen. v

14. In combination, a plurality of tickers, each adapted to printquotations upon a tape, means for feeding the tapes from the tickers insynchronism, and means permitting relative movement of one ticker inrespect to the other in order to maintain said synchronism.

15. In combination, a plurality of tickers, each adapted to printquotations upon a tape, means for feeding the tapes from the tickers insynchronism, means permitting relative movement of one ticker in respectto the other in order to maintain said synchronism, and means forprojecting the quotations from the tapes on to a screen.

16. In combination, a pair of tickers each adapted to print quotationsupon a tape, one

A ticker.

of said tickers being stationary and another movable in respect thereto,common feeding means for said tickers to move the tapes therefrom inunison, means to actuate saidv feeding means, and means to release saidfeeding means in its relation to said movable ticker to permit relativemovement between said feeding means and said movable 17 In combination,a pair of tickers each adapted to rint quotations upon a tape, one ofsaid tickers being stationary and another movable in respect thereto,common feeding means for said tickers to move the tapes therefrom inunison, and means to maintain a constant relation between said feedingmeans and said tapes.

18. In combination, a pair of tickers each adapted to print quotationsupon a tape, one of said tickers being stationary and another movable inrespect thereto, common feeding means for said tickers to move the tapestherefrom in unison, and means to maintain a constant relation betweensaid feeding meansand said tapes, said means comprising an escapementdevice, and means to release said escapement device when said movableticker is operating and said stationary ticker is not operating.

19. In combination, a pair of tickers each adapted to print quotationsupon a tape, one of said tickers being stationary and another movable inrespect thereto, common feeding means for said tickers to move the tapestherefrom in unison, means to maintain a constant relation between saidfeeding means and said tapes, said means compris ing an escapementdevice, means to release said escapement device when said movable tickeris operatin and stationary ticker is not operating, an means to movesaid movable ticker toward said feeding means.

movable in respect thereto, common feeding means for said tickers tomove the tapes therefrom in unison, means to actuate said feeding means,and means to prevent relative movement between said tickers when bothare operating at the same speed.

21. In combination, a pair of tickers each adapted to print quotationsupon a tape, one of said tickers being stationary and another movable inrespect thereto, common feeding means for said tickers to move the tapestherefrom in unison, means to actuate said feeding means, means torevent relative movement between said tic liers when both are operatingat the same speed, and means to cause movement of said movable ticker ineither one of two directions to compensate for differences in speed ofoperation of the two tickers.

' 22. In combination, a pair of tickers each adapted to print quotationsupon a tape, one of said tickers being stationary and another movable inrespect thereto, common feeding means for said tickers to move the tapestherefrom in unison, means to maintain a constant relation between saidfeeding means and said tapes, said means comprising an escapementdevice, means to release said escapement device when said movable tickeris operating and stationary ticker is not which said ticker is adaptedto move, means to move said ticker on said track, transmitting means tosend quotations to said ticker, said transmitting means including anelectrical circuit, and means to open said circuit when said tickerapproaches an end of itstrack. r

In testimony whereof, I have afiixed my signature to thisspecification.'

WILFRED T. BIRDSALL

